Real Estate Information Archive

Western MA Real Estate: Still Part of the American Dream!

Thursday, July 10, 2008

by Shannon Donohue

In the past, owning a home has always been considered a major component of the “American Dream.” Unfortunately, because of the recent downturn in the economy, home-ownership is often seen now as more of a nightmare than a dream. But that doesn’t have to be the case! Even in a slower economy, purchasing Western MA real estate can still be a step toward achieving your own “American Dream!”

Inman News offers some reasons why home ownership still has benefits and advantages, including:

The opportunity to build equity and create wealth over time.
Protection from rent increases or eviction at the whim of a landlord.
The pleasures of a relatively larger home, suitable for a family, and with a backyard, garage or other auxiliary space.
The freedom -- design review boards notwithstanding -- to improve, remodel or redecorate to suit one's own style and budget.
A variety of lucrative income-tax breaks.
Pride of ownership and a greater sense of security and stability.

If you are considering purchasing Western MA real estate, now is the time! Don’t let the negative media attention on the market get you down – home ownership is still an attainable goal and a big part of the American Dream.

If you are ready to begin looking at Western MA real estate, please call me at 413-283-6324 or visit ShannonDonohueHomes.com. Search all Western MA real estate!

Happy Independence Day, Western MA!

Thursday, July 03, 2008

by Shannon Donohue

Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom. So as you gather with friends and family on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us. Because, as we all know, freedom isn’t free!

The 4^th of July is a special time in Massachusetts – be sure to check out one of the hundreds of celebrations happening throughout the state this weekend!

We’ll return to discussing Western MA real estate next week; however, if you would like more information about Western MA real estate, please call me at 413-283-6324 or visit ShannonDonohueHomes.com.

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Western MA Real Estate Market Trends Report

Thursday, June 19, 2008

by Shannon Donohue

A modest gain in the level of Western MA real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors^®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

Let’s take a look at the May sales statistics to see how things are looking in the Western MA real estate market:

In Worcester County, sales were down 7% in May 2008, compared to the same time in 2007. Homes remained on the market an average of 10 days longer this May, and the average sales price decreased 12% to $280,379.

Worcester County	Active Listings	Pending Sales	Sold Listings	Average DOM	Average Sale Price
May 2008	1023	420	486	160	$280,379
May 2007	n/a	n/a	522	150	$319,763

The Hampden County real estate market also continued to slow in May 2008. Home sales decreased 16% while market times increased an average of three weeks to 123 days. The average sales price dropped a relatively modest 3% to $210,006.

Hampden County	Active Listings	Pending Sales	Sold Listings	Average DOM	Average Sale Price
May 2008	428	248	261	123	$210,006
May2007	n/a	n/a	311	102	$216,082

In Hampshire County, the number of homes sold in May 2008 dropped dramatically by 33%. The average market times, however, actually decreased 8 days and the average sales price remained almost the same, with a change of less than 1%.

Hampshire County	Active Listings	Pending Sales	Sold Listings	Average DOM	Average Sale Price
May 2008	188	76	68	127	$299,356
May 2007	n/a	n/a	102	135	$301,426

As these statistics and national trends show, this is a great time to consider buying Western MA real estate. To learn more about the current Western MA real estate market, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.

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Baby Boomers are the Trendsetters in Western MA Real Estate

Thursday, June 12, 2008

by Shannon Donohue

We know that the Baby Boomers account for a large part of the real estate owning population in America. It should come as no surprise, then, that these folks – not the typical “trendy” crowd - may be the latest trend-setters in Western MA real estate also.

As this article in the Wall Street Journal explains, designers and architects are catering more and more toward this fast-growing segment of the population. Research has shown that more Baby Boomers planning to stay in their homes through retirement as opposed to moving to “assisted living” or a retirement community.

This influx of aging home buyers has triggered home renovations and new construction including halls and doorways wide enough for walkers and wheelchairs, and master suites and laundries on the ground floor so residents can avoid stairs. Now, the technology behind home appliances and fixtures is catching up – making all kinds of appliances and home design elements more senior-friendly.

Some of the innovations in home design and appliance re-design include:

Stoves that monitor pots to prevent boiling over
Adjustable typeface on appliance control panels
Faucets that turn on and off with just a touch anywhere on the spout
Dishwashers designed to be mounted at a more comfortable height
Refrigerators with doors and storage designed to reduce bending over
Adjustable volume/pitch of oven alarms

Last but not least – yes, there is even a toilet on the market with an electric-blue nightlight built in and a motorized heated seat cover that rises with the touch of a button. I don’t think you’d have to be a senior citizen to enjoy that kind of amenity during a late-night bathroom visit!

The impact these trends will have on the real estate market as a whole is uncertain, but with more Baby Boomers purchasing Western MA real estate, light-up toilets may be a standard amenity before you know it!

To learn more about trends in Western MA real estate, please call me at 412-283-1223 or visit ShannonDonohueHomes.com. You may also request a complimentary market valuation of your home here!

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Good News Finally for Western MA Real Estate Market!

Thursday, June 05, 2008

by Shannon Donohue

Western MA real estate sales of existing homes slowed this spring, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the Western MA real estate market is better positioned for a turnaround, according to the National Association of Realtors^®.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the good news is that mortgage restrictions have just been eased. “In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their ‘declining market’ policies, effective June 1,” he said.

Lawrence Yun, NAR chief economist, said eliminating restrictive policies should be a big help to home buyers. “I would encourage buyers who were disappointed by poor mortgage options to take another look at the market because the lending changes are significant,” he said. “Also, a recent notable drop in interest rates on conforming jumbo loans will help consumers in high-cost markets like California and New York.”

To learn more about the current Western MA real estate market conditions, please call me at 413-283-1223 or visit ShannonDonohueHomes.com. You may also visit the MLS to begin searching for Western MA homes!

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Get Western MA Real Estate With Lower Down Payments

Friday, May 30, 2008

by Shannon Donohue

Fannie Mae has announced down payment requirements will be lowered from 5% to just 3% for all conventional, conforming mortgages processed through its Desktop Underwriter® automated underwriting system, starting June 1. Loans processed outside the Desktop Underwriter® system will still require a 5% down payment.

This initiative, part of Fannie Mae’s “Keys To Recovery” campaign, will apply to borrowers all across the country, regardless of local market conditions. Since the biggest obstacle for many first-time home buyers is saving up enough money for a down payment, this is great news if you want to take advantage of the current Western MA real estate market!

Read the full article here, and please contact me or call me at 413-283-1223 if you need a referral to a reputable local lender! To learn more about Western MA real estate, please visit ShannonDonohueHomes.com, or visit WesternMAListings.com to set up automated emails containing new listings that match your search criteria.

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Western MA Real Estate Inspections

Thursday, May 22, 2008

by Shannon Donohue

Contrary to popular belief, home inspections are not just for new home purchases! It is extremely important to have your Western MA real estate inspected professionally on a regular basis – especially if you are using it as an investment or rental property – to ensure you keep up with any necessary maintenance or repairs.

Home inspectors offer many types of inspections to suit Western MA real estate owners’ needs – some of these include:

- Pre-Listing Inspections

- Pre-Purchase Inspections

- New Construction Inspections

- HUD/FHA Inspections

- Multiunit Inspections

- Annual Maintenance Checkup

A home buyer can save thousands of dollars by having a professional home inspection performed before purchasing a home. Also, in areas with extreme weather circumstances, inspectors can help locate potential problems or damage that may be hidden to the naked eye.

To learn more about Western MA real estate or for a referral to an experienced home inspector, please call me at 413-283-1223 or visit ShannonDonohueHomes.com. You may also begin searching for Western MA homes here!

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Western MA Real Estate Market Trends

Thursday, May 15, 2008

by Shannon Donohue

A flat pattern in home sales activity could continue for the next couple months before improving over the summer, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the extent of an expected recovery hinges on better access to affordable loans. "Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas," he said. "As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available."

Below are the Western MA real estate sales statistics for April 2008 – these show how the real estate market differs from area to area and month to month:

In Worcester County, sales decreased 24% in April 2008, when compared against April 2007. Homes were on the market an average of 17 days longer than last year, and the average sales price decreased 13% to $274,419.

Worcester County	Active Listings	Pending Sales	Sold Listings	Average DOM	Average Sale Price
April 2008	1128	416	373	175	$274,419
April 2007	n/a	n/a	489	158	$315,797

Hampden County real estate sales declined by 22% in April 2008. Market times increased by 4 days while the average sales price increased 2% to $215,556.

Hampden County	Active Listings	Pending Sales	Sold Listings	Average DOM	Average Sale Price
April 2008	532	255	226	122	$215,556
April 2007	n/a	n/a	289	118	$211,840

In Hampshire County, real estate sales were down 21% in April 2008. Market times decreased by a modest 4 days, and the average sales price saw a relatively small decrease of 3% to $285,168.

Hampshire County	Active Listings	Pending Sales	Sold Listings	Average DOM	Average Sale Price
April 2008	165	72	55	139	$285,168
April 2007	n/a	n/a	70	143	$295,314

This is a good time to invest in Western MA real estate, and summer is a great time to move! If you are interested in buying or selling Western MA real estate, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.

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Which Western MA Neighborhood Is Right For You?

Thursday, May 08, 2008

by Shannon Donohue

Whether you are a newcomer to the area or just purchasing Western MA real estate for the first time, navigating the different neighborhoods can be overwhelming when you are trying to find the one that fits your needs best. You may find the perfect home, but later discover the property values in the neighborhood have plummeted due to foreclosures or other circumstances.

Realty Trac’s Neighborhood Locator tool is a great resource when researching Western MA neighborhoods. You can search for neighborhoods that offer the best bargains or that boast the highest home appreciation rates. You can also find areas that are ideal for first-time homebuyers, or that are similar to the neighborhood you currently live in! The neighborhoods are evaluated based on home costs, crime rates, public school systems, and demographics.

To get more detailed information about Western MA real estate and neighborhoods, please call me any time at 413-283-1223 or visit ShannonDonohueHomes.com. You may also begin searching Western MA real estate here!

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Cool Website Alert! Find Western MA Gas Prices

Thursday, May 01, 2008

by Shannon Donohue

Have you seen the price of gas lately?! With family vacation season approaching in Western MA, you may notice that prices vary widely among different gas stations in the same city. Before you fill up, check out GasBuddy.com and enter your ZIP code to find the very best (and worst) gas prices in Western MA.

For information about Western MA real estate, please call me at 413-283-1223 or visit ShannonDonohueHomes.com. You may also request a complimentary market valuation of your Western MA home at WesternMAValues.com!